OCTOCAM has been proposed to the Gemini Observatory as a workhorse imager and spectrograph that will fulfill the needs of a large number of research areas in the 2020s. It is based on the use of high-efficiency dichroics to divide the incoming light in eight different channels, four optical and four infrared, each optimized for its wavelength range. In its imaging mode, it will observe a field of 3'x3' simultaneously in g, r, i, z, Y, J, H, and KS bands. It will obtain long-slit spectroscopy covering the range from 3700 to 23500 Å with a resolution of 4000 and a slit length of 3 arcminutes. To avoid slit losses, the instrument it will be equipped with an atmospheric dispersion corrector for the complete spectral range. Thanks to the use of state of the art detectors, OCTOCAM will allow high time-resolution observations and will have negligible overheads in classical observing modes. It will be equipped with a unique integral field unit that will observe in the complete spectral range with an on-sky coverage of 9.7"x6.8", composed of 17 slitlets, 0.4" wide each. Finally, a state-of-the-art polarimetric unit will allow us to obtain simultaneous full Stokes spectropolarimetry of the range between 3700 and 22000 Å.